Home Equity Line of Credit (HELOC) - Command Financial Group

What is a HELOC?

A home equity line of credit is a type of second mortgage that allows homeowners to borrow money against the equity they have in their home and receive that money as a line of credit. Borrowers can use HELOC funds for a variety of purposes, including home improvements, education and the consolidation of high-interest credit card debt.

Is a HELOC Right for You?

If you are considering a HELOC, it is important to speak with one of our loan specialists to see if you qualify and to compare the benefits and drawbacks of this type of loan against other types of loans.

We offer a no-hassle & easy quote without the formal application or credit check required. Just answer a few questions about your mortgage goals! We will review the information you provide with some recommendations and options from our team of experts!

HELOC Eligibility

Reliable Income

Many lenders will need proof of income to confirm you’ll be able to pay off your loan payments.

Good Credit

A credit score above the mid-600s will likely approve you for a loan. A credit score above 700 is considered ideal.

Minimum Home Equity

You should have at least 15 – 20% home equity.

Payment History

Lenders may evaluate your previous payment history to make sure you haven’t made any late payments in the past.

Low Debt-to-Income (DTI)

The lower your DTI, the better. Connect with our team to see what our partner lender qualifying DTI ratios are to potentially receive a loan.

Benefits of a HELOC?

Because the loans are secured against the value of your home, home equity loans offer extremely competitive interest rates.

Consolidate Date at a Low Interest Rate

A HELOC can be a useful choice if it allows you to consolidate your debts at a lower interest rate. You only need to pay interest on what you’re currently borrowing.

Money for Anything

HELOC's can be used for anything you need the cash for, including college tuition, home improvement or debt-consolidation.

Large Sum of Cash

A second mortgage of any kind may be your best option for borrowing a large sum of cash, which can be useful for costly home improvement projects.

Borrow What You Need

HELOCs allow you to borrow as much money as you require. This is favorable if you aren’t sure how much money your project or investment will cost in the long run.